Planned-Spend Account

A Relay Planned-Spend Account is an immediate annuity issued by Guggenheim Life and Annuity Company, a Delaware-domiciled insurance company (d/b/a Guggenheim Life and Annuity Insurance Company in California; NAIC#83607). Your Planned-Spend Account provides a monthly cash flow stream over a predefined term. However, unlike most annuities, there are no penalties for withdrawing funds early. When you open a Planned-Spend Account and become a Relay customer, you will receive a contract outlining exactly how your Planned-Spend Account works. This contract will include specifics regarding your monthly payouts and the free liquidity features of your Planned-Spend Account.

The Relay Planned-Spend Account is an immediate annuity, form number GLA-SPIA-RL-01 or a variation of such, issued by Guggenheim Life and Annuity Company (d/b/a Guggenheim Life and Annuity Insurance Company in California; NAIC#83607) ("Guggenheim Life"), a Delaware-domiciled insurance company with its principal office in Indianapolis, Indiana.

Guggenheim Life is B++ by A.M. Best. Relay and/or certain features may not be available in all states. Guggenheim Life is licensed in all states except New York, in the District of Columbia, and in Puerto Rico.

The Relay Planned Spend Account is not FDIC insured, is not guaranteed by the bank, is not a deposit account, and may lose value.

The funds in your Relay Card account will be FDIC-insured and held at Sunrise Banks, N.A. Member FDIC.

The Relay Planned-Spend Account is a non-qualified annuity. A non-qualified annuity is funded with after-tax dollars from personal savings. By contrast, a qualified annuity is funded from pre-tax dollars (from vehicles such as a traditional IRA, 401(k), etc.) In the future, we may offer a qualified annuity option in addition to the non-qualified annuity option that we offer today.

Yes, it does. Unlike most money market and savings accounts that have fluctuating interest rates, the interest you earn on the funds in your Relay Planned-Spend account is fixed. Each of your monthly payouts includes a portion of your initial lump sum, as well as whatever interest you’ve earned.

For account issues such as missing Relay payouts, please call Relay customer support at 1-844-505-1477 (Option 1) to speak with a customer support representative who specializes in Planned-Spend Account payout issues.

No, you cannot add more funds into an existing Planned-Spend Account at this time. We are working on this product enhancement and hope to be able to offer Relay customers this flexibility in the future. You can, however, load additional funds onto your Relay Card. Note that you will not earn cashback rewards on any additional funds that you load onto your Relay Card. Your cashback rate only applies to your monthly payouts generated from your Planned-Spend Account. The maximum cashback you can earn is based on a) your cashback rate and b) the total payouts from the annuity.

See this FAQ for more information on how to load additional funds to your Relay Card.

Relay is brought to you by
Group One Thousand One, LLC ("Group1001") through its agency Tomorrow Loyalty Services, LLC, a Delaware limited liability company. Group One Thousand One, LLC is an insurance holding company in the United States with current combined assets under management of approximately $36 billion as of December 31, 2017.

The Relay Planned-Spend Account is an immediate annuity, form number GLA-SPIA-RL-01 or a variation of such, issued by Guggenheim Life and Annuity Company (d/b/a Guggenheim Life and Annuity Insurance Company in California; NAIC#83607) ("Guggenheim Life"), a Delaware-domiciled insurance company with its principal office in Indianapolis, Indiana. Relay and/or certain features may not be available in all states. Guggenheim Life is currently licensed and authorized to do business in 49 states (all states except New York), the District of Columbia and Puerto Rico.

The Relay Planned-Spend Account is not FDIC insured, is not guaranteed by Sunrise Banks N.A., is not a deposit account, and may lose value.

The Relay® rewards program is offered to cardholders by Sunrise Banks, N.A. and administered by Urban FT under license by Tomorrow Loyalty Services, LLC.

The Relay Visa® Prepaid Card is issued by Sunrise Banks N.A., St. Paul, MN 55103, Member FDIC, pursuant to a license from Visa® U.S.A. Inc. This card may be used everywhere Visa® debit cards are accepted. Use of this card constitutes acceptance of the terms and conditions stated in the Cardholder Agreement.

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